Recently published research from Euromonitor International, "Watches in China", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 01/28/2015 -- The strengthened state censorship in 2013 of controlling gifts to authorities took the anti-corruption crackdown to a higher level and resulted in a severe decline in sales of high mechanical and analogue watches in China. As a result, consumers remained cautious about spending on high-end watches in order to avoid drawing the attention of anti-bribery forces. After a year of intensive anti-corruption crackdown, watches recorded a gradual recovery in 2014 due to an upturn in consumer confidence.
The Swatch Group in terms of global brand owner continued to take the lead in watches in China, with a 28% value share in 2013. The extensive portfolio with a wide range of quartz and mechanical products covering different price spectrums help the Swatch Group to build a steady consumer base in China. Brands under the Swatch Group target different consumer groups. For example, Tissot uses marketing practices, such as celebrity endorsements and aggressive advertisement, to draw attention from white collar workers. Swatch concentrates on quartz watches and uses colourful and fashionable designs to attract younger consumers. Longines offers high-end watches with inspiring collection value that is unlikely to fade over time.
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Over the forecast period, watches is set to record a constant value CAGR of 7%. Basic watches with various functions, including but not limited to GPS positioning and alarms, will continue to be supported by young consumers given their convenience characteristics and attributes over and above reading the time. Mid-range watches will be considered by more consumers as daily necessaries. The current gloomy climate for high-end watches will improve due to a gradual restoration in consumer confidence over the forecast period, while decoration will be a growing purpose when choosing watches among consumers.
Discover the latest market trends and uncover sources of future market growth for the Watches industry in China with research from Euromonitor's team of in-country analysts.
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If you're in the Watches industry in China, our research will save you time and money while empowering you to make informed, profitable decisions.
The Watches in China market research report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volumes and values, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent market research methodology, conducted in-country
Our market research reports answer questions such as:
- How do sales of mechanical, quartz analogue and quartz digital watches compare in China?
- Which format of watch underpins most sales: casual, formal or sports?
- Which retail channel is showing the most future promise?
Reasons to Get this Report
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- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
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